Bankoosiguranje - nova mogućnost razvoja sektora finansijskih usluga u Republici Srbiji
Vojvodić-Miljković, Nevenka M.
Faculty:Универзитет у Нишу, Економски факултет
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Banking and insurance are two inseparably connected components of the financial services sector. In modern economy, which was especially evident in the 1990s in the previous century, the model of integrated cooperation between banks and insurance companies in the market has been increasingly apparent, and it can be perceived in the action of providing banking and insurance services simultaneously, through the model of bancassurance. This type of distribution, in most cases, implies the creation of specifically created product of life and non-life insurance specialized to be sold through the network of banking. Manifestations of bancаssurance are different from country to country and vary depending on the legal restrictions that apply to this sales channel. Bancassurance has numerous benefits in the times when competition at the financial market is at its highest, for banks as for the insurance companies. Mutual benefits can be seen through:the increase of sale/profit,expending
the client list,maintaining the clients as well as,improvement of offer through creation of new products according to client’s structure and needs. Serbian insurance market is expected to experience growth in the following period, and with it the competition will like wise increase, as the number of insurance companies has been in constant growth. There is already a great competition between a large number of banks in the financial sector. Everything previously mentioned will condition the inevitable integration of banks and insurance companies in order to avoid the loss of clients. Previous results of the implementation of bancassurance in Republic of Serbia were a consequence of banks’ low interest in the further development of this mode of sale. This was conditioned by the fact that the structure of their profit was still dominated by the income based predominantly on interest. On the other hand, insurance companies base the sale of their product mainly on the traditional mode of sale. However, in the coming period, in accordance with global trends, it is expected a significant reduction in interest margins. This will affect the higher direction of commercial banks in the Republic of Serbia to the development of those types of services that will contribute to the increase in income from fees and commissions. This work is a presentation of the notion, development of bancassurance, strategy for approaching this mode of product distribution, distributional modes, operative procedures of bancassurance, the importance of motivation of bancassurance partakers, as well as the position of bancassurance in the world – comparative analysis. This work contains a representation of the legal acts of the Republic of Serbia as the basis for the introduction of bancassurance and the current level of its development. On the basis of facts obtained from research and analyzes conducted, the final result is displayed bancassurance model in the Republic of Serbia whose implementation can be concluded the largest number of life insurance policies (according to world experience), with a significant reduction in the administrative costs of insurance companies using the sales network of the bank and its customer base . The application of the model would imply a long-term benefit for banks, insurance companies, customers in the form of an integrated supply of financial services, but also the country as a whole. The development of bancassurance is closely linked with the growth of the insurance market. In that sense, this sales channel can become a driving force for further development of the financial services sector in the Republic of Serbia, having in mind the broader significance of the increase in the number of beneficiaries of life insurance brings one country.View More
Keywords:Bankoosiguranje; Banking; bankarstvo; osiguranje; finansijske usluge; integracija; insurance; financial services; integration; bancassurance